After all revenue and expense accounts have been closed at the end of the fiscal year on 31 July 2021 at Zuhoor Muscat Company, Income Summary has a debit of RO 180,105 and a credit of RO 150,608. At the same date, Share Capital has a credit balance of RO 356,000, and Dividends has a balance of RO 0. The entry to complete the closing of Income Summary will include a: O a. credit to Income Summary of RO 29,497 O b. credit to Share Capital of RO O O c. debit to Share Capital of RO 29,497 O d. debit Retained Earnings of RO 29,794 O e. None of the options are correct
After all revenue and expense accounts have been closed at the end of the fiscal year on 31 July 2021 at Zuhoor Muscat Company, Income Summary has a debit of RO 180,105 and a credit of RO 150,608. At the same date, Share Capital has a credit balance of RO 356,000, and Dividends has a balance of RO 0. The entry to complete the closing of Income Summary will include a: O a. credit to Income Summary of RO 29,497 O b. credit to Share Capital of RO O O c. debit to Share Capital of RO 29,497 O d. debit Retained Earnings of RO 29,794 O e. None of the options are correct
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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SYSTEM (ACADEMIC)
ctory Financial Accounting Spring21
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After all revenue and expense accounts have been closed at the end of the fiscal year on 31 July 2021 at Zuhoor Muscat
Company, Income Summary has a debit of RO 180,105 and a credit of RO 150,608. At the same date, Share Capital has a
credit balance of RO 356,00O, and Dividends has a balance of RO 0. The entry to complete the closing of Income Summary
will include a:
O a. credit to Income Summary of RO 29,497
b.
credit to Share Capital of RO 0
debit to Share Capital of RO 29,497
Od.
debit Retained Earnings of RO 29,794
O e. None of the options are correct
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